According to new report published by Grand View Research, the global composites market is expected to reach USD 130.84 billion by 2024.Growing demand for electronic gadgets, particularly wearable electronics, is expected to augment growth.

The global composites market is expected to reach USD 130.84 billion by 2024, according to a new report by Grand View Research, Inc. Growing demand for composites in various applications including transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, pipes & tanks, and marine is expected to drive market growth over the forecast period. The development of these end-user application segments is projected to fuel the industry expansion further.

Electrical & electronics accounted for 16.4% of the global volume market share in 2015. These materials are being increasingly used in electrical & electronics owing to their high arc resistance properties and dielectric strength. Growing demand for electronic gadgets, particularly wearable electronics, is expected to augment growth.

Transportation was the largest application of composites and is projected to witness significant gains at a CAGR of 7.5% from 2016 to 2024. The increase in road networks, especially in Asia Pacific, is expected to result in stimulating the growth of the market over the forecast period.

The glass fiber market was estimated at USD 41.88 billion in 2015 and is projected to dominate the global composites market over the forecast period. Owing to its weather-resistant, surface texture varieties and lightweight properties, the global market for GFRP is projected to account for the largest share. Key market players are investing in the production of glass fibers especially in emerging countries such as India, Brazil and China owing to the growing demand from various application industries such as automotive, aerospace & defense, wind energy, and transportation.

North America is expected to witness a significant growth at a CAGR of 6.8% from 2016 to 2024 in terms of value. The automotive industry in this region has witnessed a significant growth in the recent years in terms of profitability and growth which has attributed to increasing the production of the auto sector. Furthermore, growing production of light commercial vehicles is expected to propel the growth of composites market over the forecast period.

Carbon fiber composites segment is supposed to create an avenue in the automotive industry owing to the high-value application and technological advancements. The segment accounted for 34.3% of the global market size in 2015. The major composites manufacturers are emphasizing on the expansion of production capacities and R&D activities to reduce the cost of CFRP.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.